The coronavirus pandemic has prompted a lot of research on the area of supply chain adaptation. Traditional supply chain management strategies have been tested and there has been several questions raised as to their efficiency in tackling exogenous shocks. This study adopts the Dynamic Capability theory as a perspective for analyzing how multi-national enterprises mainly in the alcoholic beverage industry adapted to the impacts of COVID-19. Using a thematic literature review approach, three elements – Sensing, Seizing and Transformation – were identified as building blocks for the conceptualization. The literature review also highlighted the need for some additional abilities (Agility, Viability and Visibility) to serve as drivers to the dynamic capabilities. A combination of netnographics, qualitative research and multiple case analysis was conducted on 8 MNEs in the alcoholic beverage industry to understand how their supply chains adapted to COVOD-19. The findings show that the strategies of most of the MNEs align with the conceptual framework of the study.